Alibaba's Ant Financial partners with Hutchison to develop its Alipay service in Hong Kong

Ant Financial, the Alibaba affiliate that operates payment service Alipay and other digital finance products, has continued its Asia expansion with a move into Hong Kong.

Ant Financial, the Alibaba affiliate that operates payment service Alipay and other digital finance products, has continued its Asia expansion with a move into Hong Kong.

Alipay and Alibaba's MyBank digital bank dominate in China, where they are used by over 450 million consumers, and this year Ant has broadened its presence with deals in Southeast Asia, Korea and India.

The idea is to recreate the Alipay services stack -- digital payments, banking and other financial services -- across Asian markets whilst working with partners to ensure that the content and offerings are tailored with local consumers.

Beyond helping the digital payment app become more widely accepted in Hong Kong -- where it is already covered by 4,000 retailers, the companies said -- the joint venture will work to offer additional services, including insurance, loyalty programs, offers and more. The digital payment landscape is already competitive, so going above and beyond the basics is one approach to standing out and attracting users.